Year End | 31 December |
Accounts Published | April |
Annual General Meeting | June |
Dividend Paid | May |
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Latest news
Update from our investment manager, Sebastiaan Berger – 25 November 2020
Cuba and Covid-19
Being amongst the best in class does not always pay off - immediately. Although, Cuba is tackling the Covid-19 pandemic in an exemplary manner and has reopened its international airports and part of its hotel inventory, worldwide travel restrictions and limited flights have resulted in a slow recovery of Cuba's tourism sector.
Assets and Operations of CEIBA Investments Limited
As a result, the Meliá Varadero and Meliá Las Américas hotels in Varadero, in which CEIBA Investments Limited ("CEIBA" or the "Company") has an interest remain closed for now, whilst occupancy levels in the Meliá Habana and Sol Palmeras hotels are starting to grow. Occupancy of the Miramar Trade Center, Havana's principal office and retail complex, remain steady in the high nineties, with an accumulated net profit so far this year that surpasses the net profit generated in the same period in 2019 (which was its best year ever).
Construction of the Meliá Trinidad Península hotel, a 400 room beachfront resort near Trinidad, Cuba, has continued at a slow pace throughout the year and is now for over 60% completed. The structural works on all main and secondary buildings and swimming pools, as well as roof weatherproofing and electrics are nearly complete. The modification of construction and finance schedules to adapt to changing circumstances are presently being discussed.
As announced previously, in December 2020, the Company expects to formalize its participation in a new multi-phase industrial park to be located in the Special Development Zone of Mariel, Cuba. The Company will acquire a 50% interest in GBM Interinvest Technologies Mariel S.L., which is on track to begin groundworks on the 11.3-hectare plot for the construction of the first four warehouses of the project by the end of the year.
Key People
Sebastiaan Berger
Lead Manager
Stephen Coltman
Senior Investment Manager
Stephen Coltman is a Senior Investment Manager within the Alternative Investment Strategies division at ASI. Stephen has extensive experience investing across both public and private markets and spent the majority of his formative years based in Latin America, including a 3 year period in Cuba during the 90s. Stephen is a CFA charterholder.*
* CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute
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Sebastiaan Berger
Lead Manager
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Stephen Coltman
Senior Investment Manager
Stephen Coltman is a Senior Investment Manager within the Alternative Investment Strategies division at ASI. Stephen has extensive experience investing across both public and private markets and spent the majority of his formative years based in Latin America, including a 3 year period in Cuba during the 90s. Stephen is a CFA charterholder.*
* CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute
John Herring
Chairman
Trevor Bowen
Non-Executive Director
Keith Corbin
Non-Executive Director
Peter Cornell
Senior Independent Director
Colin Kingsnorth
Non-Executive Director
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John Herring
Chairman
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Trevor Bowen
Non-Executive Director
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Keith Corbin
Non-Executive Director
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Peter Cornell
Senior Independent Director
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Colin Kingsnorth
Non-Executive Director
Financial calendar
Company Details
CEIBA Investments Limited
Registered Office:
Dorey Court,
Admiral Park,
St Peter Port
Guernsey
GY1 2HT
The Company was incorporated in Guernsey as a non-cellular company limited by shares on 10 October 1995 under registration number 30083. It was admitted to the Specialist Fund Segment of the Main Market of the London Stock Exchange on 22 October 2018.
The Company is a Registered Closed-ended Collective Scheme pursuant to The Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended, and the Registered Collective Investment Schemes Rules 2015 issued by the Commission. The Company operates under the Companies Law and ordinances and regulations made thereunder.
The Company is a country fund with a primary focus on Cuban real estate assets.
The Company will seek to deliver the investment objective primarily through investment in, and management of, a portfolio of Cuban real estate assets, with a focus on the tourism-related and commercial property sectors. Cuban real estate assets may also include infrastructure, industrial, retail, logistics, residential and mixed-use assets (including development projects). The Company may also invest in any type of financial instrument or facility secured by Cuba related cash flows or other receivables.
In addition, subject to the investment restrictions set out below, the Company may invest in other Cuba-related businesses, where such are considered by the Investment Manager to be complementary to the Company’s core portfolio (“Other Cuban Assets”). Other Cuban Assets may include, but are not limited to, Cuba related businesses in the construction or construction supply, logistics, energy, technology, and light or heavy industrial sectors.
Investments may be made through equity, debt or a combination of both.